Taxpayers with more time to rectify any discrepancies in the Input Tax Credit (ITC) claimed in their GSTR-3B and GSTR-2A forms. It is expected to alleviate the burden on taxpayers and ensure a smoother transition towards compliance with GST regulations.
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This exemption applies because the director is not acting on behalf of the company when engaging in these personal activities. However, it is important to note that any services provided by the director in their official capacity as a representative of the company would still be subject to RCM.
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The amnesty schemes were introduced to provide relief to individuals who have not filed their FORM GSTR-4, FORM GSTR-9, and FORM GSTR-10 returns. The extension of the revocation of cancellation of registration until 31.08.2023 allows more time for non-filers to rectify their compliance status without facing severe penalties.
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